Nexa Collect

JANUARY 14, 2023

The US government has thrown a slew of laws on collection agencies, making bad-debt recovery harder and costlier. There are thousands of collection agencies in the USA, but most are small. The following changes can result in many collection agencies shutting their businesses. . New Regulations.

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Credit Corp

JULY 29, 2024

Collection accounts are bad for your credit score. Collection accounts can stay on your credit report for up to 7 years. Learning how to remove collections from your credit report can help you clean up your credit history and open better financial doors in the future. What Are Collection Accounts?

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Account Recovery

SEPTEMBER 30, 2024

Financial institutions and collection agencies should monitor developments and prepare for potential new disclosure requirements when using AI in customer communications. The big picture: These initiatives reflect a broader trend towards AI regulation across various sectors.

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Account Recovery

SEPTEMBER 11, 2024

Why it matters: The proposed rules could significantly impact how collection agencies and financial institutions communicate with consumers, potentially requiring new disclosures and consent processes.

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True Accord

OCTOBER 17, 2024

Just take into consideration that surveys have found that four in 10 have used an online portal supplied by a financial institution for bill pay, while only a quarter have paid by phone, mailing a check, or in person. Our self-serve portal meets collections compliance rules while also meeting a consumer preference at the same time.

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Account Recovery

SEPTEMBER 16, 2024

Collection agencies, debt buyers, and financial institutions will need to adapt to these trends by integrating these payment methods into their systems. Debt collection professionals should consider integrating digital wallet options into their payment platforms to meet evolving consumer expectations.

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Troutman Sanders

MARCH 15, 2022

On February 3, the Nevada Financial Institutions Division (NFID) issued a bulletin, stating that any licensed collection agency or manager must transition their license to the Nationwide Multistate Licensing System (NMLS) by June 30.

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Better Credit Blog

NOVEMBER 3, 2020

Have you been receiving threatening calls and letters from a company called Advanced Collection Services? You likely have an old debt hanging over your head that they are trying to collect payment on. Advanced Collection Services is a debt collector that works on behalf of other companies to get people to pay up on their old debts.

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Troutman Sanders

MAY 5, 2022

The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. Debt Collection. The CFPB alleges some financial institutions do not perform robust enough investigations of errors. Auto Servicing.

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Better Credit Blog

FEBRUARY 18, 2021

Failing to pay your bills will cause the debt to move to collections. This means that your original creditor has officially handed the account over to a collection agency that will hound you for payments. One such debt collector that you may hear from is called FirstPoint Collections. About FirstPoint Collections.

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Debt RR

AUGUST 3, 2020

Sometimes, that debt gets out of hand and businesses find themselves on the receiving end of calls from commercial debt collection agencies. Here’s everything businesses need to know about commercial debt collection agencies and how to manage communication without disrupting day-to-day operations.

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Collection Industry News

MARCH 30, 2025

The Business Research Company’s Debt Collection Agencies Global Market Report 2025 Market Size, Trends, And Global Forecast 2025-2034 LONDON, GREATER LONDON, UNITED KINGDOM, March 31, 2025 /EINPresswire.com/ — Get 20% off on Global Market Reports until March 31st! Use code FY25SAVE at checkout. It will grow from $29.35

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Collection Industry News

MAY 9, 2022

The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. Debt Collection. The CFPB alleges some financial institutions do not perform robust enough investigations of errors. Auto Servicing.

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Nexa Collect

JUNE 24, 2023

You should discuss these points with the compliance superior of your collection agency. Since collection agencies fall under GLBA laws, they are subjected to the same strict laws as large financial institutions like banks.

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Collection Industry News

JUNE 12, 2023

Here are some effective ways to attract clients as a collection agency: 1. Establish connections with individuals and businesses that can refer clients to your agency, such as attorneys, financial institutions, credit bureaus, or other professionals in the debt recovery field.

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Katabat

NOVEMBER 20, 2019

12, 2019 — Katabat, a leading global supplier of debt management software solutions, has launched Easy Collect, a powerful, yet easy to deploy, mobile payment portal for lenders and debt collection agencies. Easy Collect is PCI-compliant and does not require IT support for deployment. WILMINGTON, Del.,

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Credit Corp

SEPTEMBER 13, 2023

Secured credit cards are different because rather than borrowing from a financial institution, you borrow from yourself. When a bank or financial institution provides you with a credit-builder loan, the funds go into an account, and you make payments on the amount. Get this agreement in writing!

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True Accord

JULY 13, 2020

Debt collection is a highly regulated industry and as such, is notoriously slow to change. Now more than ever, it’s clear that the collections industry needs to catch up with other financial services and provide modern solutions for the consumers it services.

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Qualco

NOVEMBER 7, 2023

Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. Consequently, financial institutions operate within an economy marked by contraction and sustained inflationary pressures.

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Collection Industry News

JANUARY 10, 2022

The report is required for licensed agencies working with unit- owners’ associations, such as a condominium development, and must be filed by Jan. The total amount of money collected by the collection agency for unit-owners’ associations during the immediately preceding year. Source- site.

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Consumer Financial Services Law

MARCH 30, 2020

In a related move, the Department of Insurance invoked statutory powers which require collection agencies and others licensed and regulated by the Department of Insurance to offer their customers the option to defer debt payments. The Order additionally only allows certain specified essential businesses to remain physically open.

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Collections Law

APRIL 5, 2022

Perhaps your own business is trying to struggle through collecting overdue payments and you are wondering if there is something more you can do. You have more important aspects of your business to run, but you may not know at what point it becomes worthwhile to bring in a collection professional. What does a collection attorney do?

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Re:Ceeve

JULY 21, 2020

“Software is capable of delivering extensive gains before you need to even consider debt collection agents!”. Debt collection isn’t a media darling, and you rightfully may know very little about it. Regardless of what experience you may have had with debt collection, you probably know even less about the players in this segment.

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PDC Flow

OCTOBER 12, 2021

Before addressing the questions and concerns from attendees, Needleman and Bender discussed their thoughts on both the positive and negative aspects of the Consumer Financial Protection Bureau’s rule and how they may impact debt collection after November 30. This has been a decade or more in the making ,” said Needleman. “

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Better Credit Blog

OCTOBER 14, 2020

Tens of millions of Americans have collections-stage debt. So if you’ve come across a collections entry on your credit report, you’re far from being alone. While finding a collections entry on your report can be stressful, ARS’s calls, letters, and damaging effects on your credit score are simple to stop. Higher education loans.

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Debt Collection Answers

MAY 18, 2023

Dealing with debt collection agencies can be unpleasant, and CCS Offices are no different. It’s common for debt collectors to purchase and sell debts, resulting in the possibility of multiple collection accounts from the same debt appearing on your credit report. Who are CCS Offices?

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Nexa Collect

NOVEMBER 1, 2021

How do traditional payment methods work to collect payments? Blockchain is a digital ledger that keeps immutable or non-forfeitable records of transactions and distributes them across the network of computers or nodes on the Blockchain, eliminating the need for third parties or financial institutions to process payments.

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Troutman Sanders

JANUARY 18, 2022

As a practical matter, the amendments will likely require many financial institutions to revisit and revise their policies and procedures, including, for example, in the areas of risk assessments, vendor oversight, and incident response plans.

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Consumer Finance

APRIL 25, 2023

Five federal financial institution regulatory agencies in conjunction with the state bank and state credit union regulators (collectively, agencies) are jointly issuing this statement to remind supervised institutions that U.S. dollar (USD) LIBOR panels will end on June 30, 2023.

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Troutman Sanders

NOVEMBER 15, 2022

The Safeguards Rule requires nonbanking financial institutions to develop, implement, and maintain a comprehensive information security program to keep their customers’ information safe. In the letter, the SBA states: “[S]mall financial institutions will need to modify their methods for evaluating these.

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Fico Collections

SEPTEMBER 19, 2022

Debt Collections on Tenterhooks with Six and Sevens following CFPB’s Reg F. Consumer Financial Protection Bureau (CFPB) announced the final rules interpreting the Fair Debt Collections Practices Act (FDCPA) on July 30, which went into effect on November 30, 2021. Reg F isn't a hurdle to adjust to and live with. Embrace it.

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Fico Collections

FEBRUARY 16, 2021

But on the flipside, banks are also obliged to carefully handle collections, recoveries and manage their most financially vulnerable customers – all while under increasing regulatory scrutiny. But those needing to collect from customers will also be facing significant regulatory scrutiny. To read more click here.

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National Service Bureau

OCTOBER 13, 2015

More importantly, Congress decided that it was critical for military members to focus exclusively on their mission rather than dealing with potential financial distractions. How does the Servicemembers Civil Relief Act affect debt collections? What complaints about debt collection were made to the CFPB? Mortgage payments.

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Qualco

JANUARY 26, 2024

However, there are still disparities in implementing these laws across countries, with financial institutions facing challenges adapting to these diverse systems and managing the varying legal requirements and procedural intricacies across different jurisdictions. CLICK TO LEARN MORE

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Qualco

JANUARY 26, 2024

However, there are still disparities in implementing these laws across countries, with financial institutions facing challenges adapting to these diverse systems and managing the varying legal requirements and procedural intricacies across different jurisdictions. CLICK TO LEARN MORE

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Better Credit Blog

FEBRUARY 25, 2021

If the name above is on your credit report, you’ve probably received phone calls and letters from the agency as well. First Federal is most likely on your report as a collections entry because of an unpaid bill. Because collections accounts can lower your credit score, it’s important to act quickly to get them off your report.

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National Service Bureau

JUNE 23, 2015

These trends are relevant to debt collectors and collection agencies as well , so we’ll explore the relevant pieces in this blog post. Household debt’ is an umbrella term that encompasses many types of financial obligations - credit cards, auto loans, mortgages and more. For comparison, there was $0.86 trillion one year later.

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